Heineken Takes 300-Million-Euro Hit, Sells Russian Operations for 1 Euro

Dutch brewer Heineken has completed its withdrawal from Russia, selling its business in the country for just 1 euro to the Arnest Group. The sale, which includes seven breweries, resulted in a loss of 300 million euros ($325 million) for Heineken. The company had faced criticism for the slow pace of its exit following the outbreak of war in Ukraine but stated that it wanted to ensure a responsible transfer and secure the livelihoods of its local employees. Heineken brand beer was already removed from the Russian market, and Amstel will be phased out within six months.